The following TIF Districts terminated at or close to the end of their statutorily imposed terms and were included in our analysis:
Central Loop TIF District
In 1984, Chicago designated the Central Loop TIF District, the first TIF District in the City. When it was designated, it was intended to redevelop the northern part of Chicago’s Central Loop. At the time of its designation, it encompassed declining commercial buildings in an area that was considered unattractive and unoccupied outside of normal business hours. Retail sales were stagnant or declining and multiple entertainment venues were deteriorating. In 1997, the District was expanded to encompass an additional 139 acres for redevelopment, including a much larger part of the Chicago Loop. Central Loop TIF projects included the development and redevelopment of commercial buildings, cultural facilities, hotels, residential buildings, public resources and transit facilities. This District terminated in 2008.
Chatham Ridge TIF District
The City originally designated the Chatham Ridge TIF District in the Chatham neighborhood in 1986 to encourage new commercial and residential opportunities. The District terminated in 2010. The original district, located approximately 12 miles south of the Chicago Loop, was expanded to include an additional 23 acres in 2001 to further improve commercial and educational opportunities in the area. Major projects in the Chatham Ridge TIF District included rehabilitating and expanding a high school, constructing a commercial center and developing low and moderate income housing opportunities.
Chinatown Basin TIF District
The 30-acre Chinatown Basin TIF District was designated by the City in 1986 to encourage residential and commercial development on former railroad property in the City’s Chinatown area, approximately 2.5 miles south of the Chicago Loop. The TIF District was expanded in 2002 to encourage additional residential, commercial and infrastructure development and redevelopment and expired in 2010. Major projects include a two-story shopping mall containing restaurants, retail and other commercial businesses, and surrounding residential development, including both affordable and senior housing.
Ryan Garfield TIF District
The Ryan Garfield TIF District was established in 1986 and was terminated in 2009. It was established to encourage the development of a shopping center in one of the City’s poorest neighborhoods. Located approximately 8 miles south of the Chicago Loop, the property that comprised this TIF District had been vacant for more than 10 years. The City hoped that the creation of a TIF District would encourage the development of a shopping center and improved infrastructure, which would also create job opportunities in the area, particularly for nearby residents. A community shopping center was ultimately constructed, providing both shopping and employment opportunities to an under-served neighborhood.
West Ridge-Peterson TIF District
The 6-acre West Ridge-Peterson TIF District was designated in 1986 to incentivize commercial redevelopment of property located approximately 9 miles northwest of the Chicago Loop. An existing vacant big-box store was demolished and a new Target store was constructed in the final years of the District’s term, which ended in 2010.